Data analytics involves analysis of data to extract meaningful information. In this information age, there is an ocean of untapped information available on the web. Despite which data science today remains an unexplored domain. Businesses are trying to utilize its prowess for enhancing efficiency and understanding consumer demands. However given the fact that it is a lesser known field, not much headway has been made to create frameworks that can be mapped against all sorts of businesses. In such an era of uncertainty related to data analytics real estate and property site housing.com has made it its backbone.
The portal was setup two years earlier when the founders realized that they could not find reliable property listings anywhere online. This was an endeavour to offer better listings and improved property related information. Hence a “lab” called the Data Science Lab was created which comprises of the best programmers, mathematicians and data scientists from across the country. The objective of this lab was to improve services and create newer business opportunities.
Data Analytics to Assess Demand Drivers
If an end user were to find-say-luxury house for rent in Bangalore, then he/she would find the right kind of search options to zero in on the luxury house of choice on the housing portal. The ample filters allow end users to find properties of their choice. How does housing.com identify these filters?
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The portal constantly works on the ocean of data available online to identify consumer demands. Hardcore data analytics is done using complex computer programming to extract data from the web and helps the DSL team identify the factors that drive the demand for homes. Such an exercise helps identify- in the above case- what all are the components of luxury homes and what are the parameters that are used to identify luxury homes.
Such data analytics is constantly done to help the portal team learn about the rising demand of luxury homes and hence is able to prepare for it better.
The same is done with interactions of end users. Whether it is buyers or sellers, the portal pays close attention to their needs and demands to align its property related services accordingly.
Assessing Consumer Demands
Sellers offering resale flats in Pune- for example- can now see their properties listed on the portal within a period of twenty four hours. The portal has been analyzing its business operations closely. Earlier, a property listing took almost forty eight hours before it would get listed on the website. This time has reduced to twenty four hours and is expected to come down to four hours in the near future! This has been the result of constant analysis of business operations which have been streamlined inside out over a period of two and a half years.
External as well as interaction related data is analyzed to constantly improve upon the offerings. It is a result of this analysis that housing.com has been able to offer home loan services across territories and rental agreement services in Bangalore. With the success of these offerings, the portal in due course would add a section dedicated to search of service apartments and services related to interior decoration.
There are no established frameworks of data analysis in demand assessment. However housing.com has used ingenuity and skills to create such frameworks to constantly help its business evolve over time.